市场整体偏向乐观

Report Summary 1. Industry Investment Rating - The outlook for stock index futures is oscillating upward, for stock index options is oscillating, and for treasury bond futures is oscillating upward [9][10][11]. 2. Core Viewpoints - The market is generally optimistic. Stock index futures are boosted by optimistic risk preferences, stock index options show a positive sentiment, and treasury bond futures are expected to see the central bank restart treasury bond trading [1][2][3]. 3. Summary by Directory 3.1 Market Views - Stock Index Futures: Optimistic risk preferences boost the market. The base spreads, inter - period spreads, and positions of IF, IH, IC, and IM have changed. The rise is driven by positive progress in Sino - US trade negotiations and overseas technology mapping. The configuration suggests using dividends + IM long positions. The outlook is oscillating upward [9]. - Stock Index Options: The option market sentiment is optimistic. The trading volume of each option variety has exceeded 10 billion, and the sentiment index has strengthened. Trading should follow the market, and the strategy shifts from selling options to buying options. Suggestions include setting up bull spread combinations or hedging equity positions. The outlook is oscillating [10]. - Treasury Bond Futures: The central bank will restart treasury bond trading. The main contracts of treasury bond futures closed up. The market's expectation of loose monetary policy has increased, and the central bank's restart of treasury bond trading is beneficial to the bond market in the short term. The fourth - quarter mid - to - late bullish trend may start, and the bond market is expected to oscillate upward. Operational suggestions include trend strategies, hedging strategies, basis strategies, and curve strategies [10][12]. 3.2 Economic Calendar - On October 27, 2025, China's September industrial enterprise profit rate for large - scale industries reached 21.6% year - on - year (single - month), and the eurozone's September seasonally - adjusted money supply M3 annual rate was 2.8%. On October 29, the US will release the September seasonally - adjusted pending home sales index monthly rate, and on October 30, the US will announce the October federal funds rate target upper limit. On October 31, Japan will release the September unemployment rate, China will release the October official manufacturing PMI, and the eurozone will release the October harmonized CPI annual rate (un - seasonally adjusted preliminary value) [13]. 3.3 Important Information and News Tracking - Regulatory Policy: The CSRC issued the "Several Opinions on Strengthening the Protection of Small and Medium - Sized Investors in the Capital Market", introducing 23 practical measures [14]. - Sino - US Trade: Chinese Foreign Minister Wang Yi had a phone call with US Secretary of State Rubio, emphasizing the importance of Sino - US relations [14]. - Northbound Funds: The CSRC issued the "Work Plan for Optimizing the Qualified Overseas Investor System", aiming to enhance the attractiveness of the system to overseas long - term funds [15]. - AI: Qualcomm launched AI chips to compete with NVIDIA in the data center market, with AI200 and AI250 expected to be commercially available in 2026 and 2027 respectively [15]. 3.4 Derivatives Market Monitoring - Stock Index Futures Data: No specific data content is provided in the report [16]. - Stock Index Options Data: No specific data content is provided in the report [20]. - Treasury Bond Futures Data: No specific data content is provided in the report [32].